The LBRY team has announced that they are unable to continue due to several million dollars of debt. LBRY Inc. will be winding down, but the LBRY network will remain unaffected. Assets like Odysee will undergo a legal process to satisfy debts. The team expressed gratitude to everyone who fought for online freedom. LBRY had previously announced its intention to wind down in July after a judgment in favor of the SEC. The SEC sought a punishment of $22 million but later reduced it to $111,000. LBRY initially filed an appeal against the regulator but has now decided not to pursue it. LBRY’s executives, employees, and board members have resigned and are focused on meeting legal requirements. The crypto community has shown support for LBRY, with users thanking them for their fight and praising their platform. LBRY’s blockchain will continue to operate as it is open-sourced and decentralized. Odysee has been a popular decentralized social media platform, serving 5.3 million unique users monthly between January and April 2023.
